CU Rates Continue Slide, Remain Above Bank

The free-fall in savings rates continues, as credit unions trimmed their rates another few basis points over the past few weeks. Data compiled by DataTrac Corp. shows the average rates paid by credit unions slipped this week to just 1.21% for regular shares (savings); to a paltry 0.72% for share draft (checking); and only 1.39% for money market accounts. Rates paid out for all CD products also continued their downward trend. Still, credit union rates remained 20 to 40 bps above those paid by banks, according to DataTrac, which follows rates for 8,000 depository institutions, including 1,000 credit unions.